Brinks profits tumble more than 50%

Brinks Cash Services (Ireland) Ltd said that the introduction and growth of electronic payment facilities has the potential to reduce the volume of cash in correlation and have a consequent impact on the demand for some of the company’s traditional services

Brinks Cash Services (Ireland) Ltd say that the company continues to develop solutions that cater for changing customer demands. File picture: Collins, Dublin, Colin Keegan

Pre-tax profits at the Irish arm of cash transit firm, Brinks, more than halved in 2023 to €449,000 due to redundancy costs.

New accounts filed by Brinks Cash Services (Ireland) Ltd show that the company’s pre-tax profits declined by 57% from €1m to €449,000 as revenues increased by 4% from €34.62m to €35.9m. The accounts disclose that the US-owned company paid out €1.34m in 2023 in redundancy costs as staff numbers reduced from 500 to 484.